L&T Finance Holdings rises on plans to seek banking license

BSE 31 Mar 15 | 12:00 AM

NSE 31 Mar 15 | 12:00 AM

62.80

-0.2 (-0.32%)

L&T Finance Holdings is trading higher by 3.3% at Rs 81.05 after its board approved the company's proposal to apply to the Reserve Bank of India (RBl) for a banking licence.

“The board of directors of the company at its meeting held on June 29, 2013, has approved the company's proposal to apply to the RBl for a licence to set up a bank in accordance with the guidelines for licensing of new banks in the private sector issued by the RBI," L&T Financial Holdings, a financial arm of engineering company Larsen and Toubro (L&T) said in a filing.

Related Stories

No Related Stories Found

L&T Finance Holdings was seen as one of the favorites to get a new banking licence because its parent L&T has a diversified ownership.

The stock opened at Rs 80 and touched high of Rs 81.10 on BSE. A combined 942,416 shares have changed hands on the counter till early morning deals on BSE and NSE.